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Following recent approval by the Overseas Investment Office, an area of 330ha at Wisp Hill , in the Owaka Valley, would soon be planted with radiata pine seedlings
The long-term plan was to have a total of 3000ha — more than three million seedlings — planted in the next five years and the remaining 2200ha would ‘‘naturally regenerate into native bush’’, a statement from the company said.
Ingka Group owns about 248,000ha of forestry in the United States, Estonia, Latvia, Lithuania and Romania. Between September 2019 and August 2020, Ingka Group planted close to seven million seedlings.
Ingka Investments managing director Krister Mattsson said the company was delighted to expand its forestry portfolio into a new country.
Wisp Hill is owned by Southland brothers Leonard and Graham Ward, who have a manager running it. A lease back requirement would allow the Ward family to properly phase out their operations over a minimum three-year period.